“If they come to us, we’d certainly be open to talking,” Brin said, answering a reporter’s question at the 25th annual Allen & Co. media deal-makers conference in Sun Valley, Idaho. “But I think they’re building a great company of their own.”

Hmm. We could fill a couple of posts with analysis of what Brin’s statement actually means. My guess is that Google knows that if they make the approach, they’ll likely have to pay a premium for Facebook – especially as Facebook founder Mark Zuckerberg seems happy to throw wild valuations at any potential suitor.

Instead, Google will likely sit back and wait to see if Facebook can continue its blistering growth. If it can, then likely it might price itself too high for Google – who’s already shelling out $5+ billion in acquisitions. If it starts to falter, Facebook might realize it needs help and approach Google. Facebook approaching Google would put Schmidt, Bring and Page in a stronger position to negotiate.